Supported by continued recovery in agriculture, remittances, and investment, Somalia economic growth in 2024 is expected to improve by around one percent compared to the previous year, according to the International Monetary Fund (IMF). Remittance inflows are expected to improve in the context of moderating global inflation and an upgrade of the global growth outlook. Near-term risks include climate shocks, security risks in Somalia and the region, and lower global growth,” IMF said. During the meeting, the IMF team has reached a staff-level agreement on the first review under the Extended Credit Facility (ECF) arrangement. Board approval would enable access to SDR 7.5 million (about $10 million), bringing total disbursements under the arrangement to about $50 million,” said Ms. Jaramillo, in the statement.

Source: News Business Ethiopia March 09, 2024 10:25 UTC